Dutch retail giant Royal Ahold has denied rumours that its chief executive Cees van der Hoeven is set to resign.

Ahold’s shares have fallen more than 60% this year, after fears over the success of the company’s US operations and forced buyouts of stakes in joint ventures.

The shares surged after the company denied recent rumours concerning the resignation of Van der Hoeven.

“The rumours are complete nonsense,” Ahold spokeswoman Annemiek Louwers told Reuters.